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[size=36]The rise in oil due to the recent “OPEC +” decisions, and Brent near $ 77 a barrel[/size]
Economy| 08:22 - 05/06/2023
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Baghdad - Mawazine News
Oil prices rose on Monday, after Saudi Arabia, the world's largest exporter, pledged to cut production by another 1 million barrels per day from July, to counteract the macroeconomic headwinds that have stagnated markets.
Brent crude futures reached $76.90 a barrel, up 77 cents by 04:14 GMT, after earlier hitting a session high of $78.73 a barrel.
US West Texas Intermediate crude rose 82 cents to $72.56 a barrel, after touching an intraday high of $75.06 a barrel.
Both contracts extended gains after rising more than 2 percent on Friday, with Saudi Arabia's energy ministry saying on Sunday its output would fall to 9 million bpd in July from around 10 million bpd in May, the kingdom's biggest cut in years.
Brent crude futures reached $76.90 a barrel, up 77 cents by 04:14 GMT, after earlier hitting a session high of $78.73 a barrel.
US West Texas Intermediate crude rose 82 cents to $72.56 a barrel, after touching an intraday high of $75.06 a barrel.
Both contracts extended gains after rising more than 2 percent on Friday, with Saudi Arabia's energy ministry saying on Sunday its output would fall to 9 million bpd in July from around 10 million bpd in May, the kingdom's biggest cut in years.
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